Portugal should be on the radar for anyone looking to relocate their family or retire to Europe. With a moderate economic climate, clear and transparent tax rules, relatively low tourist levels in comparison to its neighbouring countries, France and Spain, Portugal is the perfect destination in which to experience a country’s culture in its purest form while keeping in control of your tax outgoings and finances. Rich in history and gifted in culinary arts, this country could provide the perfect spot for holidaying or alternatively serve you as a relaxing and tranquil environment to spend your retirement with your loved ones eating bacalhau in Porto by the River Duoro or enchidos on the coast of Lisbon.
The Golden Visa is a highly attractive programme aimed at those who are looking to gain residency in a country but not necessarily to reside there. The programme allows you the freedom to live and work in Portugal if you wish, but also the chance to reside in your own country on the condition that you spend a minimum of seven days in Portugal for the first year of the permit and fourteen days in subsequent years. It also allows you the option of becoming a ‘non-habitual resident’ of Portugal for tax purposes, meaning that you pay very little or perhaps even no tax for at least ten years. In addition, residence permit holders can apply for permanent residency after just five years. The visa also grants its holder entry and circulation into all of the Schengen Zone and all other EU and EEA countries. The applicant can also figure in a ‘family reunion visa’ which means family members will be issued a permit allowing them to live, work and study in Portugal and the entire European Union.
In order to be eligible for this programme, you must be able to prove you have invested at least €500,000 in Portuguese property with a property deed or promissory agreement as well as a valid certificate from the Land Registry. Along with this, you will also need to provide a declaration from a financial institution to prove that the investment has been made. The property purchase must take place at the same time as the Golden Visa application and the property must be maintained for at least five years following the issue of the permit. The visa will be issued for an initial one year period, with the possibility of renewing it afterwards for successive periods of two years.
Such an attractive programme, with such relaxed rules and regulations on where you must reside for the duration of the permit is not often found. If you were looking for somewhere to invest your money with great tax incentives then the Iberian Peninsula is worth some thought. If you think this could be an interesting proposition for you, why not send us an email to: [email protected] with any questions.